Assume that the market for soybeans is purely competitive.Currently,firms growing soybeans are experiencing economic profits.In the long run,we can expect this market's:

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When firms are experiencing economic profits in a purely competitive market, new firms will enter the market to also earn those profits. This increase in the number of firms will shift the supply curve to the right, causing the equilibrium price to decrease until economic profits are eliminated. Therefore, in the long run, we can expect the supply to increase.

Assume That the Market for Soybeans Is Purely Competitive